Global High Performance Plastics Market Overview
The high performance plastics market size was valued at USD 16.2 billion in 2022. The high performance plastics industry is projected to grow from USD 17.69 Billion in 2023 to USD 35.77 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.20% during the forecast period (2023 - 2032). Rising industrialization coupled with growth in the application of HPPS in aerospace and automotive applications, especially in developing economies, and supportive government policies and regulation are the key market drivers enhancing the market growth.Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
High Performance Plastics Market Trends
Use of high performance plastics to reduce weight and improve fuel efficiency in automobiles is driving the market growth
Market CAGR for high performance plastics is driven by the growth of the automotive & transportation segment and is associated with the growing incorporation of advanced plastics in automobiles. Growing concerns about carbon emissions and the desire to develop more fuel-efficient automobiles have increased help to decrease weight. Lightweight, durable plastics are increasingly used in fixed-wing and rotary aircraft, passenger railcars, and all types of ground automobiles. Many high performance plastics are available in ultraviolet-resistant formulations for longer outdoor life service. The high performance plastics used in diesel and petrol automobiles can be formulated to perform in contact with lubricants and fuels. Reinforced high performance plastics are utilized in applications where parts are placed in close proximity to engines.
Additionally, advanced plastic composites are a significant part of automotive designs. To improve safety and automobile performance, the manufacturers of the market have increased the availability of plastic composites that facilitate and improve the battery technology of the automobile. The automotive industry is an enduring advantage of the opportunities offered by the personal mobility revolution, and this applies to artificial intelligence and the market landscape of self-driving cars which driving the market for high performance plastics.
The high performance plastics industry is growing because high performance plastics are cheaper and lighter than other materials. High performance plastics are used in various industries, including automotive, defense, aerospace, and construction because they are chemically stable and have good mechanical and high thermal properties. These end-use industries need materials lighter than metals but have the same or better properties to make their products cheaper without lowering the quality. The market has given these industries a huge advantage, likely driving the high performance plastics market revenue.
In addition, the market for high performance plastics expansion can be due to the growing use of fluoropolymers across multiple industries. Fluoropolymers have superior properties, which makes them a go-to option for various applications and assists firefighters in staying safe while battling flames. Fire-resistant fabrics commonly contain fluoropolymer, which helps them resist water and abrasion while also providing insulation against flames. All of these key characteristics ensure the safety of our firemen. Many types of insulation pose a fire hazard inside planes, but fluoropolymers are ideal as they are fire-resistant and provide adequate insulation for wiring inside planes. A fluoropolymer coating is commonly found on protective clothing worn by industry employees. For instance, In October 2019, Southwest Impregion received a Halar ECTFE-based water-borne coating system from Solvay. Uneven surfaces, pipe interiors, vessels, tanks, and containers are all protected by Halar ECTFE. This collaboration seeks to suit customers' specific coating requirements for modified equipmentJune 2023- The shocking news that 3M Corp is set to exit the production and sale of all PFAS-containing products by the end of 2025 is the most definite impact on the rubber and plastic industry as the regulatory war on the "forever chemicals" marches forward.
High Performance Plastics Market Segment Insights
High Performance Plastics Type Insights
The high performance plastics market segmentation, based on type, includes fluoropolymers, polyamides, sulfone polymers, polyphenylene sulfide, liquid crystal polymers, polyetherimide, and others. The fluoropolymers segment dominated the market, accounting for major market revenue over the forecast period. The demand for fluoropolymers is comparatively high due to their massive performance. The segment's growth is associated with their use in the industry, from transportation to medicine. Fluoropolymers offer remarkable chemical characteristics and are considered the most useful non-reactive material today.
High Performance Plastics End-User Insights
The high performance plastics market segmentation, based on end-user, includes automotive, aerospace & defense, electrical & electronics, industrial, and others. The automotive category generated the most income over the forecast period. The use of high performance plastics in automobile parts manufacturing and insulation as it offers unmatched chemical and temperature resistance with outstanding electrical performance. These fluoropolymers are utilized in the granular and powder foam, which makes them helpful in the extradition and compression molding process. Extruded or compressed high performance plastics offers multiple benefits over regular plastic or low-performance plastic.
Figure 1: High Performance Plastics Market, by End-User, 2022 & 2032 (USD billion)Source: Primary Research, MRFR Database, Secondary Research, and Analyst Review
High Performance Plastics Regional Insights
By Region, the study delivers market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American weight loss market area will dominate this market over the forecast period. High disposable income and customers' preference for high-quality raw materials are owing to the region's product demand. Countries in the region, including the U.S., have the highest per capita income, which puts pressure on transportation manufacturers to deliver high-quality products. Thus, the usage of high performance plastic has drastically increased in the region. Further, the North America high performance plastics market held the largest market share, and the Canada high performance plastics market was the fastest-growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: HIGH PERFORMANCE PLASTICS MARKET SHARE BY REGION 2022 (%) ource: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe high performance plastics market accounts for the second-largest market share due to the rapid increase in the automobile industry, as it plays a crucial role in the economies of European countries. The automotive industry has the largest investors and innovative car-producing companies, which deliver best-in-class engine efficiency in the region. Further, the German high performance plastics market held the largest market share, and the UK high performance plastics market was the fastest-growing market in the European region.
The Asia-Pacific high performance plastics market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the demand for electrical & electronics devices has increased with the increase in population this created a massive opportunity for the new and existing manufacturers of the latest electrical & electronic products in this region. Moreover, China high performance plastics market held the largest market share, and the Indian high performance plastics market was the fastest-growing market in the Asia-Pacific region.
High Performance Plastics Key Market Players & Competitive Insights
Major market players are investing heavily in research and development to enhance their product lines, which will help the high performance plastics market grow even more. Market participants are also undertaking various strategic activities to enhance their footprint with advanced market developments, including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, high performance plastics industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the high performance plastics industry to benefit clients and increase the market sector. Prominent players in the high performance plastics market, including BASF SE, SABIC, Dow, LyondellBasell Industries Holdings B.V., KRATON CORPORATION., DuPont., RTP Company, 3M, DSM, Solvay, Evonik Industries AG, and others, are attempting to increase market demand by investing in research and development operations.
BASF SE (BASF) is a chemical company. It carries out the production, marketing, and sales of chemicals, plastics, crop protection products, and performance products. Its product line comprises solvents, adhesives, surfactants, fuel additives, electronic chemicals, pigments, paints, food additives, fungicides, and herbicides. The firm serves various industries, including construction, furniture and wood, agriculture, electronics and electrical, paints and coatings, automotive, home care, nutrition, chemicals, etc. BASF carries out R&D in alliance with customers, scientists and partners. The company operates through a network of manufacturing facilities across the world. In July 2022, BASF launched the PuriCycle portfolio of adsorbents and catalysts to enable plastic recycling. These advanced high performance plastics products are for purifying most complex waste plastics pyrolysis feeds.
Evonik Industries AG (Evonik), a subsidiary of RAG-Stiftung, is a specialty chemical company. Its product portfolio includes surfactants, polymers, resins, additives, and others. The company's products find application in various markets, including agriculture, renewable energy, paints and coatings, paper and printings, metal and oil products, electrical and electronics, food and animal feed, consumer and personal care products, pharmaceuticals, plastics, rubber, automotive, and construction. It also offers process technology, technical, logistics, utilities and waste management, and engineering services. Evonik has major production facilities in Germany, Belgium, the US, China, and Singapore. In July 2020, Evonik Industries opened a well-advanced 3D printing material development center. The major purpose of the center is to deliver high performance plastic material.
Key Companies in the High Performance Plastics market include
Daikin Industries, Ltd. (Japan)
Celanese Corporation (U.S.)
Solvay S.A. (Belgium)
BASF SE (Germany)
Arkema S.A. (France)
Evonik Industries AG (Germany)
Kuraray Co., Ltd. (Japan)
Victrex PLC (U.K.)
Saudi Basic Industries Corporation (SABIC) (Saudi Arabia)
3M Company (U.S.)
DSM Company (The Netherlands)
EMS-CHEMIE AG (Switzerland)
Kuraray Europe GmbH (Germany)
Saint-Gobain Performance Plastics Corporation (France)
High Performance Plastics Industry Developments
October 2022- Arkema started a new series of recycled high performance plastics (HPP) manufactured under the program Virtucycle at its custom recycling center in Italy, partially or fully recycled Rilsamid polyamide 12, Pebax polymers, and Rilsan polyamide 11.
May 2021- Arkema successfully acquired the well-known high performance plastic manufacturer, Agiplast. The acquisition aims to provide end-to-end material circularity and address the growing market.June 2023- BASF and Avient Corporation are partnering to provide colored grades of Ultrason® high-performance polymers to the global market. The colored grades have BASF's Ultrason® polyarylethersulfones (PAES) as high-quality base polymer combined with Avient's Colorant Chromatics™ high-temperature color formulation expertise for pre-colored solutions and color concentrates. The partnership will offer customers in industries such as electrical & electronics (E&E), healthcare, and household & catering a distinctive benefit by offering comprehensive technical support from the base polymer to the final-colored product.
High Performance Plastics Market Segmentation
High Performance Plastics Type Outlook
Liquid Crystal Polymers
High Performance Plastics End-User Outlook
Aerospace & Defense
Electrical & Electronics
High Performance Plastics Regional Outlook
Rest of Europe
Rest of Asia-Pacific
Rest of the World
|Market Size 2022
|USD 16.2 billion
|Market Size 2023
|USD 17.69 billion
|Market Size 2032
|USD 35.77 billion
|Compound Annual Growth Rate (CAGR)
|Market Forecast Period
|Market Forecast Units
|Value (USD Billion)
|Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
|Type, End-User, and Region
|North America, Europe, Asia Pacific, and the Rest of the World
|The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
|Key Companies Profiled
|BASF SE, SABIC, Dow, LyondellBasell Industries Holdings B.V., KRATON CORPORATION., DuPont., RTP Company, 3M, DSM, Solvay, Evonik Industries AG, Eurostar Engineering Plastics, KURARAY CO., LTD.
|Key Market Opportunities
|Rise in initiatives and supportive government policies and regulation for high performance plastics market
|Key Market Dynamics
|Use of high performance plastics to reduce weight and improve fuel efficiency in automobiles
High Performance Plastics Market Highlights:
Frequently Asked Questions (FAQ) :
The high performance plastics market size was valued at USD 16.2 Billion in 2022
The high performance plastics market is projected to grow at a CAGR of 9.20% during the forecast period, 2023-2032
North America had the largest share of the high performance plastics market
The key players in the market are BASF SE, SABIC, Dow, LyondellBasell Industries Holdings B.V., KRATON CORPORATION., DuPont., RTP Company, 3M, DSM, Solvay, Evonik Industries AG
The Fluoropolymers category dominated the market in 2022
Automotive had the largest share of the high performance plastics market
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